Charlotte, N.C. — September 10, 2010 — Citing the importance of collaborative partnerships
with stakeholders, Polymer Group, Inc. (OTC Bulletin Board: POLGA; POLGB) (PGI) today commemorated
the groundbreaking for its $65 million plant expansion in Waynesboro, Virginia, with ceremonies at
the plant.
Joined by Lt. Gov. William Bolling and Waynesboro Mayor Frank Lucente, PGI’s chief executive
Veronica “Ronee” Hagen said government, industry, customers, employees, investors and the community
are all important contributors to the company’s growth here that will create 41 highly-skilled
jobs.
The new state-of-the-art, custom-designed, spunmelt machine being installed will produce
fabrics with enhanced properties for medical and hygiene products such as diapers, and surgical
gowns and drapes. The new capacity is expected to be available to customers in the second half of
2011.
“PGI has experienced success in the Commonwealth and this project ensures that PGI will
continue to build on its progress,” said Bolling, who acknowledged the work of the Virginia
Economic Development Partnership with both the city of Waynesboro and the Shenandoah Valley
Partnership.
Some 100 guests attended the ceremonies that included a string quartet performance by the
Waynesboro Symphony Orchestra and a locally-produced lunch.
Previously announced by Governor Bob McDonnell in March 2010, the company’s decision to
invest at this site was supported by incentives received from the Commonwealth of Virginia to
promote economic development in the area. Funding for the primary equipment associated with the
project was made available through an equipment lease agreement provided by a joint venture between
GE Capital and ING Capital, LLC.
Polymer Group, Inc., one of the world’s leading producers of nonwovens, is a global,
technology-driven developer, producer and marketer of engineered materials. With the broadest range
of process technologies in the nonwovens industry, PGI is a global supplier to leading consumer and
industrial product manufacturers. The company operates 15 manufacturing and converting facilities
in nine countries throughout the world.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this press release
are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, that involve certain risks and uncertainties
that could cause actual results to differ materially from those described in the forward-looking
statements. These forward‑looking statements speak only as of the date of this release.
Important factors that could cause actual results to differ materially from those discussed in such
forward‑looking statements include: general economic factors including, but not limited to, changes
in interest rates, foreign currency translation rates, consumer confidence, trends in disposable
income, changes in consumer demand for goods produced, and cyclical or other downturns; cost and
availability of raw materials, labor and natural and other resources and the inability to pass raw
material cost increases along to customers; changes to selling prices to customers which are based,
by contract, on an underlying raw material index; substantial debt levels and potential inability
to maintain sufficient liquidity to finance our operations and make necessary capital expenditures;
inability to meet existing debt covenants; achievement of objectives for strategic acquisitions and
dispositions; inability to achieve successful or timely start-up on new or modified production
lines; reliance on major customers and suppliers; domestic and foreign competition; information and
technological advances; risks related to operations in foreign jurisdictions; and changes in
environmental laws and regulations. Investors and other readers are directed to consider the risks
and uncertainties discussed in documents filed by Polymer Group, Inc. with the Securities and
Exchange Commission, including the company’s Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q.
Posted on September 21, 2010
Press release courtesy of Polymer Group Inc.
